Turned down by Fingerhut...... Oh the agony!

[lajntx]

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@DI wrote:

More people have credit cards now.  No longer a need for companies like FH. . 

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Just as many people population percentage wise had  credit cards in F-H's heyday in the `90's as people do today.

With current tighter credit controls, I would be willing to say that a credit challenged person in the mid `90's had an easier time getting a major card than a credit challenged person in 2009. Providian was more lax  than First Premier/HSBC/Orchard ever was.

By lax I mean they didnt offer you a $250 card with $178 in fees on it to start and then rarely gave you a pittance CLI. Generally it was at least $500 and less than $75 in set up costs.... then every 6 months they would mail you a letter congratulating you on making 6 months of min payments and offer to substantially increase your limit for a small "administrative fee" between $50 and $100 and one could easily have a $500 card turn into 10K in less than 4 years with ontime payments with no reguard to utilization and willing to pay Providians loan shark "upgrade fees". Today we find many of these former card holders being cancelled and  kicked to the streek by Chase which inherited them from WAMU

What changed is changing comsumer shopping trends in which even F-H's ideal customers found F-H's offerings bleak, many of F-H's long term customers began to die of old age in the `90's, and poor management on F-H's part by giving accounts to people whom couldnt repay. Any idiot with two active brain cells that would spark could get an account, run it up, skip on the bill, and easily open up an new account simply by changing addresses.

The run up of easy credit cards did claim other victims.... Secured Credit card programs, layaway, and other short term in-house financing local merchants would do.

Message Edited by lajntx on 08-26-2009 02:13 PM

Message Edited by lajntx on 08-26-2009 02:16 PM

[DI]

I was around 14 when I got things from FH. The biggest thing was a TV for my room.   I stop paying them becuase I didn't have a job.  I didn't know anything about credit, but I was smart enough to know they couldn't do anything without having my SSN.  

[Desert-Rat]

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@Anonymous wrote:

Good ole fingerhut.  When DH and I first got married (he was lower enlisted Army), we purchased our dishes, pots, pans and kitchen items through fingerhut.

I think I even got some blankets, towels, etc.

It was funny how we shopped by the $2/month on this item and $8/month on that item.  LOL. 

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You shopped at FingerHut??  You hit the "BIG TIME" darlin'. 

My DH was a USAF 2-striper in the 60's when it was impossible to make rank.  We shopped >>>>>>>>>>> Drum Roll>>>>>>>>>>>>>       The 88 Cent Store!!   The life-span of a skillet was about 2 weeks..... lol

Yep youngn's, there was something cheaper than the .99 Store and it's a good thing there was.  Not enough rank for base housing, so we lived off-base.  His checks were $52.00 the 1st and 15th of the month, my allotment was $95.20. ($199.20 per month) It was tough in those days too.  When I think back on it I wonder how we managed, but we did.  I waited tables at a restaurant on weekends to pay for the furniture we had to buy or sleep on the floor. 

We paid rent on an apartment that wasn't big enough to cuss a cat in without getting hair in your mouth, a car payment and insurance, utilities, bought our staples at the commissary and the rest at local stores where the prices were better.  I had the best deal in town because people didn't like beef that wasn't bright red.  The butcher saved them for me and we ate filets for .49 per pound and a whole lot of spaghetti.  It was me, DH, our 3 yr old.

I still have a salad bowl I bought for 88 cents and it's 45 years old.  I smile every time I use it.  I wouldn't want to go back, but those were the days!

My hope for everyone who's found themselves struggling right now is that one day they can look back, smile and tell themselves; "Hey!  We made it!"

D-R

[creditwherecreditisdue]

This thread may win the caption of the year award!

[Anonymous]

Wonderful post, Desert-Rat. Thanks!

[Jazzzy]

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@Desert-Rat wrote:

My hope for everyone who's found themselves struggling right now is that one day they can look back, smile and tell themselves; "Hey!  We made it!"

D-R

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When I was much younger...and broke....and raising a bunch of kids...I was frustrated and made the statement to my mom, "You don't know what it's like to be broke." They were very comfortable financially.

She just looked at me and said, "When I was first married, we couldn't even afford a broom. I remember every night after supper getting down on the floor with a wet dishrag to wipe the crumbs off the floor. Don't tell me I don't know what it's like to be broke."

I've never forgotten that discussion...and how wrong my impression was. As I got older, I realized how tough it was for them to live through the Depression. My mom's family lost their farm. My dad ran a successful business for 50 years...with an 8th grade education.

I think one of the biggest generational differences is that they didn't whine about it. They got up each morning. Worked hard. Accumulated savings.

Attitude is important.